The real estate market in Grand Rapids MI and in West Michigan continues to sizzle! The September 2013 stats have just been released from the Grand Rapids Association of REALTORS indicating that there are 8% fewer listings than last September and only 3.1 months of available inventory. Sales are up over 2012 in both volume and units. Part of the increased demand was a drop in the interest rates into the low 4% range after a volatile few weeks mid-summer. Buyers are now anxious to take advantage of the interest rates and the market before rates rise as projected for 2014 and appreciation continues to take home values higher.
Additionally, studies are showing that buyers don't purchase homes just for the financial aspects of home ownership. Below are the top 5 reasons Americans state for desiring to own a home:
Further, in 100 markets nationally, studies reveal that owning is 35% less expensive than renting a home.
Want to create a greater net worth for yourself? Again, studies show homeownership is a great way to accomplish that!